Do I have to pay Zakaat on money kept in the bank?
Question
Assalamo Alaikum
Recently I sold house and kept money in bank. Intention of keeping money in bank to buy house for own living purpose . I have no own house in at the moment. Do I need to pay Zakat for that amount which I kept in bank? please advise.
Irfan(Singapore)
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
It is obligatory to pay Zakaat on the money kept in the bank.[1]
And Allah Ta’āla Knows Best
Moulana Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.
References (Arabic / Urdu sources)
1 و سببه أي سبب افتراضها ملك نصاب حولي تام (الدر المختار، ج 2، ص 259، ايج ايم سعيد)
مالك لنصاب من نقد و لو تبرا (نور الايضاح، ص 209)
- Answered by
- Moulana Ismail Desai
- Checked & approved by
- Mufti Ebrahim Desai
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